Truecaller, the company famous for its caller ID and spam blocking app, saw its stock price drop. On Friday, shares fell by as much as 35%, from $35.95 to $24.47. This decline happened after the Switzerland-based company announced it had made less money than expected.
Truecaller, which is listed on the Stockholm stock market, said its revenue for the quarter ending in September was SEK 399 million, or about $35.88 million. This is 11% less than the same time last year. Just last week, JP Morgan big investment bank, predicted that Truecaller would make SEK 469 million in the third quarter. But Truecaller didn’t reach that number.
The app is not just for caller ID and blocking spam calls. It also offers other services. Since starting in 2009, Truecaller has grown a lot. Now, about 368 million people around the world use it every month. Most of these users about 75% are Indians. Truecaller handles more than 3.2 billion calls daily. Most of the money it makes, around 80%, comes from ads in the app.
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